Lake Balaton as a suburban area of Budapest? Some trends point towards this

The Covid-19 pandemic accelerated some trends in the transformation of the Budapest agglomeration. Lake Balaton is getting increasingly popular not just as a holiday destination, but as a suburban “neighbourhood”, which is reflected in the real estate market as well.

Is it time to redefine the concept of the Budapest agglomeration? Well, that’s certainly an option if we take a look at buyers’ expectations of new houses and flats near Lake Balaton, according to Portfolio’s analysis.

Covid brought changes around Lake Balaton

The pandemic brought significant changes in many people’s lives, as priorities shifted. More and more people move their work, everyday and administrative tasks to the online sphere, while at the same time spending quality time in a more humanly residential area has also been changing.

Although Pest County is still the most sought-after area around Budapest to move to a suburban area, Lake Balaton and the surrounding small villages have started to become more attractive, according to Portfolio’s analysis. Instead of seasonal holiday homes, more and more people are preferring year-round, energy-efficient properties within one, one and a half-hour drive from Budapest.

The majority of buyers are still looking for a property for their own use or as an investment, but what is new is that more and more people are moving to the area of Lake Balaton for a living.

The Balaton region has always been crisis-resistant, and demand has not declined even in the Covid-19 period and has even increased somewhat. According to the Hungarian Central Statistical Office (KSH), prices per square metre have risen regarding almost all property types. Buyers are looking for new or modern properties, preferably with panoramic views, even though they are increasingly looking for green areas as well.

Read also: Brutal increase: holiday prices at Lake Balaton rivalling seaside destinations

Efficiency and low utility costs in focus

Apart from the pandemic, Russia’s invasion and the energy crisis have also driven buyers to look for energy-efficient, not only seasonal homes that have a low utility cost.

According to Portfolio, in addition to the high quality of design and construction, the most efficient cooling and heating systems, perfect insulation and shading, heat recovery ventilation and smart solutions are almost essential requirements for an increasingly demanding customer base, who started to filter down to the Lake Balaton area from Budapest.